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Afternoon Price Check, July 30: Oil Prices Slide on Slow Economic Growth

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Posted by Michael Hoven on July 30, 2010 at 12:05 pm


Slower than expected GDP growth pushed down oil prices on Friday. (image: ft.com)

Slower than expected GDP growth pushed down oil prices on Friday. (image: ft.com)

Oil prices fell early in the morning on the news that US GDP grew more slowly than expected in the second quarter. The Commerce Department’s report had an immediate impact on the oil market, but crude oil and heating oil prices have since pared their losses, moving close to even for the day. Oil prices have gotten some support from a weak dollar, which makes commodities priced in dollars—like crude oil and heating oil—cheaper for traders who hold other currencies. That makes them more appealing, driving up demand and lifting prices. So far, though, the poor GDP numbers have outweighed the effect of the weak US currency and kept oil prices down.

Today’s prices on the NYMEX as of 12:17 pm

Crude oil (September 2010 contract): Down 0.5 percent, $77.94 per barrel.
Heating oil (August 2010 contract): Down 0.3 percent.


This article was posted on Friday, July 30, 2010 at 12:05 pm and is filed under Blog, heating oil prices

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3 Responses to “Afternoon Price Check, July 30: Oil Prices Slide on Slow Economic Growth”

  1. August 5, 2010 at 1:57 pm
    Josh Garrett says: says:

    Yeah, we’ve given up on trying to apply logic to oil price movements. Just when you think you’ve got the market figured, it takes off in the opposite direction than it should…

  2. August 2, 2010 at 11:30 am
    Gene Guilford says: says:

    And right on schedule, as predicted above last week, here come commodities roaring back on some news from somewhere that the economy is strengthening. Last week it was weakening.

    http://www.bloomberg.com/news/2010-08-02/oil-climbs-to-three-month-high-on-outlook-for-chinese-growth.html

    $81 a barrel and surging on what again?

  3. August 1, 2010 at 12:02 pm
    Gene says: says:

    Here is an entertaining you tube vid from Ben Stein. Ben is hardly any wild eyed liberal

    http://www.youtube.com/watch?v=WVgojH1e4WA&feature=youtube_gdata

    One day the dollar is strong, the next weak. One day the economy is supposedly strong, the next weak. One day they think we’re running out of oil, the next not.

    Buy the rumor, sell the fact. Despite the 2,300 pages of financial services reform legislation that is now law, nothing overcomes human nature in the pits. Gyrations to continue and Ben has a good angle on why.

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